[2017-01-06] HIndu: Call to switch to new distributed systems

Call to switch to new distributed systems

http://www.thehindu.com/news/cities/Hyderabad/Call-to-switch-to-new-distributed-systems/article16994823.ece

Blockchain, the technology behind Bitcoin crypto currency, can fetch multiple benefits, from cost savings, improved efficiency to transparency, for the banking and financial sector in the country.

“The time is ripe for its adoption in India,” said a White Paper brought out by the Institute for Development and Research in Banking Technology (IDRBT) on applications of the technology to banking and financial sector.

One of the most talked about technologies in the financial sector, block chain technology (BCT) has the potential to address certain limitations of the current processes in the sector. It can achieve this by “modernising, streamlining and simplifying the traditional siloed design of the financial industry infrastructure.” Former governor of RBI D.Subbarao released the White Paper at an international conference on Distributed Computing and Network that got underway at the Institute on Thursday.